The recent development in the crypto community is that fifteen of the best digital crypto exchanges are hitting it big. We got this information from the data & indices experts. According to the report, FCoin was leading the queue with a 300% increase in its trading volume. It is surprising to say that Binance UpBit and OKEx lost this position to FCoin. However, these other three exchanges some increase in trading volumes too.
Monthly Trading Volume Skyrockets For Major Exchanges
Review of the Data experts’ shows that these popular exchanges experienced the highs in April by 57% on the average. But the biggest info is that FCoin recorded a 300% increase at $37.1billion since March till date. We want to point out that FCoin is engaging in “wash trading” The exchange encourage more trading by reimbursing the fees traders pay with its native coin, the FT.
This strategy is what pushed them to the third position in the twenty-four-hour crypto trade volume last years’ August. As at that time, they were five months old in the industry. Let’s recall that many people in the community and outside criticized it. However, it seems to be working now since the FCoin is recording a 300% volume increase.
Another exchange that took the high ropes was the exchange based in Hong Kong. It left the likes of ZB and Binance by recording 12.4 & 18.8% increase in the trading volume from March. Our Popular Binance got the 4th position with $27 billion in monthly volume. Gare.io & CoinTiger also rose with 145% and 109% respectively.
Data Experts Mentions Major Developments in Online Cryptocurrency Trading
The industry has been recording an increase in its derivatives trading. For instance, “bitFlyer Lighting (XBTJPY perpetual futures” has been trading with very high average derivatives volume every day since April.
On the other hand, the Bitcoin CME has been ruling in the crypto industry as well. This height for CME was as a result of the Cboe discontinuity. In April, it recorded a 263% increase in its average crypto trading volume. Before April, the volume was at $70.5 million, but once it entered the new month, the figure increased to $256 million. Also, “Grayscale bitcoin trust product” recorded a 239% to $29.7 million.
We can see that April saw a major increase in the trading volume of many exchanges. For instance, some exchange that offers crypto pair also recorded a 49% increase. Also, exchanges offering flat pairs saw a 25 increase. The data & Indices experts further discovered that the trading volume took 84.5% of the whole spot volume last month.
The next group that recorded an increase in the Bitcoin/Fiat pairs. Last month, 60% of Bitcoin to Fiat trading was into U.S. Dollar. It also recorded a 46% increase since March. The BTC to USD trading volume saw a 75% increase from 0.92 million to 1.6 million BTC.
All these trading volume hikes is also the same developments we see in crypto prices. We expect that the trading volume will continue to increase if the market remains favorable.